Bank of America Corporation Reiterates “Buy” Rating for Signature Bank (SBNY)
Signature Bank (NASDAQ:SBNY)‘s stock had its “buy” rating reiterated by analysts at Bank of America Corporation in a note issued to investors on Wednesday. They currently have a $165.00 price target on the bank’s stock, down from their previous price target of $175.00. Bank of America Corporation’s price objective would suggest a potential upside of 37.25% from the company’s current price.
Other equities research analysts have also issued reports about the company. Keefe, Bruyette & Woods restated a “buy” rating and issued a $158.00 target price on shares of Signature Bank in a report on Friday, July 14th. Hovde Group upgraded Signature Bank from an “underperform” rating to a “market perform” rating and set a $132.00 target price for the company in a report on Monday, September 11th. Jefferies Group LLC restated a “buy” rating and issued a $169.00 target price (down from $175.00) on shares of Signature Bank in a report on Monday, June 19th. BMO Capital Markets restated a “hold” rating and issued a $157.00 target price on shares of Signature Bank in a report on Thursday, July 20th. Finally, Morgan Stanley boosted their target price on Signature Bank from $160.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. Signature Bank presently has an average rating of “Buy” and an average price target of $158.93.
Shares of Signature Bank (NASDAQ SBNY) opened at 121.88 on Wednesday. The stock’s 50 day moving average is $128.78 and its 200-day moving average is $139.56. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of 19.53 and a beta of 0.97. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by ($0.01). Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The company had revenue of $316.79 million during the quarter, compared to analyst estimates of $324.44 million. During the same quarter last year, the firm posted $1.90 earnings per share. On average, analysts anticipate that Signature Bank will post $7.21 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC increased its position in shares of Signature Bank by 69.0% during the second quarter. Lord Abbett & CO. LLC now owns 445,535 shares of the bank’s stock valued at $63,948,000 after purchasing an additional 181,882 shares during the period. Dynamic Technology Lab Private Ltd increased its position in shares of Signature Bank by 77.4% during the second quarter. Dynamic Technology Lab Private Ltd now owns 5,200 shares of the bank’s stock valued at $746,000 after purchasing an additional 2,268 shares during the period. Tandem Investment Advisors Inc. increased its position in shares of Signature Bank by 32.5% during the second quarter. Tandem Investment Advisors Inc. now owns 10,326 shares of the bank’s stock valued at $1,482,000 after purchasing an additional 2,534 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Signature Bank by 1.1% during the second quarter. Public Employees Retirement System of Ohio now owns 65,341 shares of the bank’s stock valued at $9,378,000 after purchasing an additional 685 shares during the period. Finally, Koch Industries Inc. increased its position in shares of Signature Bank by 34,799.2% during the second quarter. Koch Industries Inc. now owns 480,562 shares of the bank’s stock valued at $477,000 after purchasing an additional 479,185 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.
Signature Bank Company Profile
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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